Natixis losses top €1 billion

The €1.1 billion writedown includes a loss of €817 million in subprime assets and €380 million linked to US monolines, whose counterparties include MBIA (51% of economic exposures), XL (14%) and Assured (11%).

In a statement of estimated results for 2007, released February 14, the bank said: “The writedowns should not be considered sure losses but rather as a value adjustment of portfolios resulting from market conditions.” As a precautionary measure, the bank has also included exposures to the mid-prime segment in its December 31 figures. As of September 30, 2007, the bank had a total of €1.5 billion exposure to US subprime loans.

These writedowns reduce Natixis's profits for the year to about €1 billion, from € 2.1 billion the previous year. The bank will publish the full results on March 6, 2008. 

See also : Natixis reports €407 million in crisis damage
French banks act to save bond insurer CIFG
Credit crisis losses could reach $400 billion
  • LinkedIn  
  • Save this article
  • Print this page  

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: